IOC Q4 net dips 80%, but is 2nd among PSUs for full year profit
business Updated: May 28, 2016 06:45 IST
Indian Oil Corp (IOC) on Friday reported a record net profit of Rs 10,399 crore in 2015-16 to become nation’s second most profitable public sector undertaking (PSU), even as it posted an 80% drop in March quarter earning because of inventory losses. Its net profit of Rs 10,399.03 crore in the January-March quarter was second only to Oil and Natural Gas Corp’s Rs 16,004 crore. IOC’s net profit in 2015-16 was almost double of the Rs 5,273.03 it made in 2014-15.